Theft of equipment continues to be a serious problem for the construction industry. In addition to having a high frequency of theft, the construction industry also experiences very poor equipment recovery rates.
No single method or device can eliminate theft. However, there are ways to reduce theft losses:
• Secure the premise/work site
• Secure individual equipment
• Track equipment – An effective theft prevention program will include more than one approach and be adapted to reflect variations among construction sites. Supervisors should be held accountable for implementing the theft prevention program and job site inspections should be made to verify its effectiveness. Secure the Premise/Work Site: Securing the entire construction work site is a common theft prevention practice used by general contractors. It can be very effective for smaller, well-defined sites.
Tips to Securing Individual Equipment:
This is often the preferred method of theft prevention when the contractor doesn’t control the entire site, when the site is large or spread out, or when equipment must be left where it was last used at the end of the day. Many contractors leave equipment on-site each night to avoid the labor and fuel expenses associated with returning equipment to a central location.
Securing individual equipment usually involves one or more of the following:
• Lock and key controls specific for each piece of equipment with a written key control program (i.e. use of a sign-out sheet)
• “High security” locks (unique key, pick resistant, case hardened or laminated steel)
• Locks, chains and/or cables to secure equipment fitted with towing hitches or are trailer mounted; alternatively, remove the towing hitches or trailer wheels.
• Locked gang boxes to secure smaller power and hand tools.
Speak with your agent at Professional Underwriters to discuss insuring your equipment properly.